The Nigerian National Petroleum Corporation, NNPC, denied hiking the ex-depot price of Premium Motor Spirit, PMS, also known as petrol, stating that the commodity is currently selling at N133.28 per litre.

In a statement by its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, the NNPC also restated its commitment to ensuring copious supply of petroleum products across the country to aid hitch-free movement of motorists during and beyond the festive season.

The NNPC stated that this assurance and clarification became necessary in light of the threats by the Lagos Chapter of the Independent Petroleum Marketers Association of Nigeria (IPMAN) to withdraw its services in Lagos and its environs sequel to alleged discrepancies in ex-depot prices, among others.

It disclosed that the rift was actually between IPMAN and depot owners, adding that the appropriate government agencies had been contacted to settle the rift between IPMAN and the Depot and Petroleum Products Marketers Association (DAPPMA).

“The Ejigbo Satellite Depot had consistently dispensed premium motor spirit (petrol) at the approved price of N133.28 per litre, contrary to allegations that it was sold at a higher price,” it explained.

Ughamadu added that the Ejigbo Satellite Depot was fully stocked and carrying out regular loading services.

He also disclosed that there was enough petroleum products in the country to last till the end of the year, adding that 25 vessels laden with petroleum products were also being expected to berth between now and January 2018 to further boost supplies.

The NNPC, therefore, urged members of the public not to entertain any fear or engage in panic buying of petroleum products as there was enough to keep the country well supplied.
IPMAN, had in Lagos on Wednesday, threatened to withdraw its services from December 11, accusing the NNPC of breach of its bulk purchase agreement to sell fuel to them at N133.28 per litre and over irregular fuel supply at Ejigbo satellite depot.

The association said its members had been running their fuel stations at a loss in the last eight months due to NNPC’s default in the bulk purchase agreement it signed with IPMAN to sell fuel to its members at N133.28 per litre.

It stated that a litre of petrol is being sold to its members DAPPMA at N141, apart from running costs, bank charges and other expenses, adding that this is making it impossible for them to sell at the controlled price of N145, but N146 per litre.

“While the NNPC had refused to sell fuel to its members regularly, the corporation is diverting the supplies to DAPPMA at N117 per litre. DAPMAN in turn is selling to IPMAN members at N141 per litre,” it lamented.